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DAVOS, Switzerland, Jan. 28 (Xinhua) -- China and Switzerland formally launched bilateral talks on a free trade agreement Friday.Speaking at the opening ceremony, Chinese Commerce Minister Cheng Deming said the agreement talks between China and Switzerland have attracted huge attention and interest from the countries' leadership and business communities.Cheng expected a successful conclusion of the FTA negotiations. Cheng said a free trade agreement would enhance mutual trust between the two sides and promote economic development and closer ties between China and Switzerland.Swiss Federal Councilor Johann Schneider-Ammann expressed similar aspirations for the agreement as did his Chinese counterpart."The free trade agreement would further enhance trade and investment relations on a mutually beneficial basis, but also create many new opportunities for close exchange and cooperation," Schneider-Ammann said.China and Switzerland have seen fast-growing bilateral trade and investments for decade. In the past 10 years, China's exports to Switzerland have grown by 18 percent while Switzerland registered an even stronger 25 percent surge in exports to China.Currently, China is the largest trading partner of Switzerland in Asia, while Switzerland ranks ninth among China's trading partners in Europe.The Chinese commerce minister is leading a delegation at Davos to attend the World Economic Forum, which started Wednesday.

BEIJING, Feb. 11 (Xinhua) -- China's foreign exchange regulator said Friday it did not suffer any losses from its investment in Fannie Mae and Freddie Mac bonds, adding that media reports of up to 450 billion U.S. dollars of losses were "groundless.""Up until now, the capital and interest repayments of Fannie Mae and Freddie Mac bonds is normal, and no losses have incurred," The State Administration of Foreign Exchange (SAFE) said on its website.Annual yields of the bonds were around 6 percent between 2008 and 2010, the SAFE said.The regulator, which oversees China's more than 2 trillion U.S. dollars of foreign exchange reserve, also clarifies it had not bought any stocks of the two troubled mortgage companies.UPI reported on Friday that the Obama Administration will propose phasing out the two mortgage giants after rescuing them, which is part of a U.S. Treasury Department white paper to Congress that lays out three ways of cutting government support to the 10.6 trillion U.S. dollars mortgage market.

HOUSTON, April 15 (Xinhua) -- A major contractor for the U.S. space shuttle on Friday announced plans to lay off about 50 percent of its employees this summer after NASA retires the orbiter fleet.The contractor, Houston-based United Space Alliance, said it will cut 2,600 to 2,800 jobs, including 1,850 to 1,950 employees in Florida, 750 to 800 employees in Texas, and 30 to 40 employees in Alabama, "due to the completion of tasks related to day-to-day operations of the Shuttle fleet."The cuts will be made in late July and early August after NASA completes the final flight of Endeavour, scheduled for April 29, and the flight of Atlantis on June 28."The accomplishments of this team are unmatched in human spaceflight," Virginia Barnes, the company's president, said in a news release. "It will be difficult to say goodbye to such tremendously talented and dedicated teammates, and we are committed to making this transition as smooth as possible for them."United Space Alliance has approximately 5,600 employees working at sites in Texas, Florida and Alabama, according to the the news release.

BEIJING, Feb. 26 (Xinhua) -- Zhu Guangya, who contributed to the development of China's first atom and hydrogen bombs, died Saturday at age 87.Zhu was a senior academician at the Chinese Academy of Sciences and the Chinese Academy of Engineering. He served as vice chairman of the National Committee of the Chinese People's Political Consultative Conference, China's top political advisory body, between 1994 and 2003.Born in central China's Yichang city, Zhu obtained a PhD in nuclear physics from the University of Michigan in 1950. That year he returned to China. He joined the Communist Party of China in 1956.